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Sunday, March 4, 2018

Deutsche Bank on hiring spree in Saudi Arabia and UAE

Deutsche Bank is expanding in Saudi Arabia and
the United Arab Emirates as the lender expects sovereign bond sales and initial
public offerings to drive deals this year.

The Frankfurt-based bank plans to hire in Dubai
and Abu Dhabi to cover sovereigns and large corporates, Jamal Al Kishi, chief executive officer for the Middle East and
Africa, said in an interview in Dubai. It’s also built its team in Saudi Arabia
to about 90 people on expectations that the nation’s stock exchange may be
upgraded to emerging market status by two major index providers this year.

“We are definitely more positive on the outlook
for deals this year across sovereign bond sales, equity capital markets and
privatizations,” Al Kishi said. “We also expect to see a lot of private sector
companies tapping markets for both equity and debt.”

Deutsche Bank’s expansion plans for the Middle
East come as the lender is said to have started cutting at least 250 jobs
globally at its corporate and investment bank to keep a lid on expenses amid a
sustained slide in the securities unit. In the past few weeks, the bank trimmed
senior and mid-level investment banking positions in locations including London
and the US, according to people familiar with the matter.

The lender is also targeting the Middle East as
a priority region for wealth management and is seeking to hire relationship
managers and expand the products it offers to wealthy clients in the region,
Peter Hinder, head of wealth management for Europe, the Middle East and Africa
and Switzerland, said in July interview.

Deutsche Bank was the eighth-biggest manager of
bond and sukuk deals in the Gulf
Cooperation Council last year as regional sales rose 18 percent to a record $85
billion, according to data compiled by Bloomberg. Oil-exporting countries are
tapping debt markets to bolster public finances after crude prices slumped.

“We expect the 2018 and 2019 deal flow will
continue to be driven by sovereign bond sales as the authorities strive to meet
their budgetary targets,” Al Kishi said. “Should markets remain stable, we
expect a good increase in deal volume coming to the regional markets this
financial year.”

International investor interest in Saudi Arabia
remains high despite a three-month anti-corruption campaign in November that
involved hundreds of the kingdom’s wealthiest individuals including princes,
billionaires and government ministers.

Deutsche Bank’s “recent client meetings with
authorities from the CMA and Tadawul in London at the back end of 2017, then
with SAGIA in Davos just a few weeks ago,
have shown strong institutional and real-money interest in the Saudi story,” Al
Kishi said.